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're looking at relatively flattish trade here in europe on christmas eve. let's recap off of what we've seen in asia in the overnight session here. you're looking at slight gains across the board. the shanghai composite up by .25%. you're seeing similar gains in the s&p asx and the hang seng, the kospi both a couple of points up to the upside, as well. currency markets, pretty stable trade, too. we're seeing slightly lower volumes to say the least as you would anticipate here during the holiday days. we are, though, flirt, a recent high is 1.32. a couple of sessions ago, we were down at the 1.29 mark. aussie/dollar flat. sterling seeing slight gains. just to wrap things up showing you what's taking place in fixed income, relatively flattish trade, as well. the yield here on the spanish yield, 5.3%. the uk seeing yeldz slightly higher, as well. but, of course, it is christmas. it is the holiday season that we're up against. so you would anticipate that maybe some investor res closing out recent profits. sitting tight and waiting for that next year to start, karen. >> thanks very much, louisa.
league in europe. combined with steadily rising television rights, they have made a solid foundation for german soccer. the only thing missing is that elusive european title. >> we hope they get it. if you are just joining us, you are watching the "journal" coming to you from dw in berlin. after a short break, we will take a look of the role of german chancellor angela merkel in solving the eurozone debt crisis. >> we will be right back. do not go away. >> welcome back. >> 2012 is coming to an end, and a lot of people in europe will be happy to see the old year out. not a day went by without worrying about the future of europe. >> not just for finance experts. a to was also a tough year for political leaders as they lurch from one crisis summit to another, spending -- spending long as wrangling over the best strategy to solve europe cozy financial crisis. >> as europe's biggest economy, germany naturally had a large say. >> as germany's leader, angela merkel naturally made sure her voice was heard. >> she's the most powerful woman in europe. all eyes were on chancellor and to merkel
, "iron curtain: the crushing of eastern europe, 1944-1956." >> why do you open with a quote from churchill? >> heat. the expression -- he coined the expression iron curtain. it was such an evocative description of what happened when he gave the speech that i thought it was important to put that the beginning of the book. >> did you ever think of what he called that the iron curtain? >> there is a long story. it is a theatrical term. there was an iron curtain theaters used to use to prevent fires. churchill used it first in private. >> you know why? >> it was a favor for truman. that is where truman was from. >> let's get a slice of that speech. >> an iron curtain has descended across the continent. behind that line, like all the capitals of the ancient states of central and eastern europe -- baltimore, berlin, prague, vienna, budapest, belgrade, bucharest. all of these famous cities and the population around them lying in rubble -- lie under the soviet sphere. >> why did you want to talk about this? >> i was inspired in my first spoke -- book, and while this is in no way a sequel
in europe -- but greece -- puts greece as the most corrupt country in europe. >> germany is mulling over whether to try to outlaw a far- right party accused of stirring up anti-immigrant sentiment. minister >> to go formal step toward banning the national democratic party, -- ministers took a formal step toward banning the national democratic party, the npd. some worry that prohibiting the party could backfire. it could drum up sympathy for the far right. >> the ministers are united in their call for a ban on meat npd. they reviewed extensive -- on the npd. they reviewed extensive documentation before making up their mind. >> i never would have thought they were so anti-democratic or anti-semitic. or so oriented towards violence and so unconstitutional. we have been discussing a ban for 12 years. now we have a lot of material to go on, much more than ever before. >> the ministers will seek to the government's support for the ban. one federal interior minister said they have a good case, but he admits there are risks. >> the danger is that these proceedings could give new life to a party
for europe. the european union collect the nobel peace prize in oslo. >> the thousands of jobs under threat. carmaker opel halts production at one of its biggest plants in germany. >> and will he or won't he -- mario monti's back and forth on resignation casts uncertainty over italy's economic and political future. >> we begin the show with what has been a day of celebration for the european union. >> the three senior figures representing the eu have been in the norwegian capital, oslo, to collect the nobel peace prize. it was awarded to the 27-member bloc for six decades of promoting peace, democracy, and human rights. >> however, not everyone is happy. some have asked whether the price is justified at that time when the eu is mired in economic and financial -- the prize is justified at that time when the eu is mired in economic and financial crisis. desmond tutu says it is an organization based on military force. >> coveted award was accepted with pride by the eu's 3 president, martin schulz, herman van rompuy, and jose manuel barroso. the standing ovation they received was a rare accolad
? his budget. david cameron's bench urges him to stand up to europe. >> i support absolutely. >> the ugly specter of child abuse hits the deadlines with some dramatic consequences. lord justin levisohn delivers his plan on press standards. >> we should be wary of any legislation that has the potential to infringe free speech and a free press. >> the queen sits in on a cabinet meeting at number 10. but let's begin with the subject which has dominated politics and our pockets for many months, the state of our economy. at the start of december the chancellor came to deliver his autumn statement or mini budget. it set out the latest figures for the growth, tax and benefits. among the headlines the scrapping of a planned rise in fuel tax. a 1% rise in working benefits an increase at the threshold in which people begin to pay tax. he would have to extend austerity measures until 2015. >> the deficit is coming down, coming down this year and every year of this parliament. yes, the deficit is far too high for comfort. we cannot relax our efforts to make our economy safe. but britain
missiles from europe. former reagan administration officials talk about the negotiations that led to the intermediate nuclear forces treaty. at this event hosted by the american foreign service association, it's an hour 20 minutes. >> okay. i think we're ready to go. i would invite everyone to take their seats. i'd like to wish all a very good morning. i'm susan johnson, the president of afsa, and i'd like to extend a very warm afsa welcome to you all, and thank you for coming to this important and special panel discussion, and also celebration of the 25th anniversary of the signing the inf treaty. special thanks of course go to our panelists and our moderator, and i should not talk, ridgway and burt, for sharing their experiences and reflections surrounding the conflict negotiations that led to this treaty which was a significant factor in reducing danger of the cold war. i'm sure you know all of these three eminent folks, but i would just like to say a quick word. ambassador rozanne ridgway was assistant secretary of state for europe and candidate from 1985-89. in her 32 year fo
that critics say will deepen europe's dependence on russian gas. president putin was on hand as they began digging for the south stream pipeline. >> to augment supplies already flowing into germany. europe already receives 40% of its natural gas from russia. german investment and technology will be playing a key role in the project. >> it is a victory for russian president vladimir putin. they looked on as the first segments were welded together in western siberia. it is three weeks since bulgaria gave the go-ahead for the project. the last transit country to do so. >> this project has the political support of all partner countries. all have signed the contracts and taken their investment decisions. the pipeline will move huge amounts of gas. 63 billion cubic meters. >> that is how much gas sell stream is to move once it is completed by 2019. it is being routed from the black sea to italy and bypasses the current transit country, ukraine. moscow has argued with kiev over fees and gas prices for years. a feud that has often cut off gas supplies to western europe. >> south stream could soon
crushing of eastern europe, 1944-1956." >> why do you open with a quote from churchill? >> he coined the expression iron curtain. it was such an evocative escription of what happened, when he gave the speech that i thought it was important to put that the beginning of the book. >> did you ever think of what he called that the iron curtain? >> there is a long story. it is a theatrical term. there was an iron curtain theaters used to use to prevent fires. churchill used it first in private. >> you know why? >> it was a favor for truman. that is where truman was from. >> let's get a slice of that speech. >> an iron curtain has descended across the continent. behind that line, like all the capitals of the ancient states of central and eastern europe -- berlin, prague, vienna, budapest, belgrade, bucharest. all of these famous cities and the population around them lying lie under the soviet sphere. >> why did you want to talk about this? >> i was inspired in my first book, and while this is in no way a sequel it represents thoughts i had. one thing i got interested in is the questi
and eastern europe -- berlin, prague, vienna, budapest, belgrade, bucharest. all of these famous cities and the population around them lying in rubble -- lie under the soviet sphere. >> why did you want to talk about this? >> i was inspired in my first book, and while this is in no way a sequel it represents thoughts i had. one thing i got interested in is the question why no people went along with it. what is the mentality? what are institutional pressures? why do camp guard do what they are told to do? i decided to write about this period right after world war ii, because it was a time the soviet union had reached a height, there was an apotheosis of stalinism. it was reinforced by the experience of the war. by 1945, it was a fully developed system with an economic theory and a clear ideology, and it was at this moment the red army marched into central europe and began imposing that system on the central european states, so you can see how from scratch -- what did the soviets think their system was? what did they think was important, and how did they try to carry it out? >> where did
in europe are trading lower as ben bernanke warns monetary policy may not be enough to offset the damage if the u.s. economy goes over the fiscal cliff. >>> and the fed takes the new and surprising step in its ongoing efforts to boost the economy, tying interest rates directly to the u.s. unemployment rate. >>> plus, investors cheering the plan to save danone's plans to offset losses over the next two years. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> welcome to the program. coming up on today's show, we'll be plenty busy. we head out to tokyo where carry enjoji has been talking about the upcoming elections. then, we hone in on central london where one pilot project is living roof and major buildings. find out what green living can do go r to improve the area. >>> and today, the 1 billionth international tourist will reportedly arrive at a destination in the world. at 11:20 central time, we'll speak to the world travel council to find out why france is still the world's top destination but more money is spent in the u.s. and c
to southern europe. >> and then south korea's presidential election, yes, it's not just japan, and what to expect from the winner. >>> let's just plug you into where we are with this global market. more now on the global trading day in europe. 5-4 advances just about outpace decliners on the dow jones stoxx 600. most european stocks were up yesterday. the dax up 13 points. the dax, second highest close of the year, still up 27.5% for the year. right now, the ftse sound, the cac kron, closed at a fresh 52-week high. and the ftse is up 13 points despite falls from italian banks. let's show you where we are as far as the bond yields are concerned. we just check in. italian yields, 4.4% on the year. we'll show you the twos and tens, as well. i'll give you more on how that compares to where we closed yesterday. so the two-year, that's the low where we were yesterday. 10-year spanish yields, 5.581%. two-year yield, 2.35%, kind of where we were yesterday, too. and they're continue to go appreciateslide slightly from yesterday's close. as far as currency markets, 1.2880 was the two-week low on
in europe of binding disparate economies by means of common currency. this is not the first time these things that happened. it happened in the united states of america. you have disparate economies in the united states of america that are bound together monetarily. missouri and washington state are as different as germany and greece. what is it that keeps the united states together? you had a great depression here in the 1930's. things were awful. and yet, i do not believe there were any political movements to get rid of the deficit states from the united states, like there are in europe and portugal and spain and everywhere else that happens to be in deficit. the reason is, the federal- state, especially after 1929 plays the role of the regulator of surplus and deficit recycling around the land. let me give you a simple example. we are in seattle. boeing is sponsoring the lectures. when boeing goes to washington to give a contract for the next generation jet or whatever, they may get it. they do get it. but there are some things attached. like for instance, we want a factory t
. >> europe says one watchdog is enough to keep its biggest banks from ever collapsing and threatening the euro again. >> the european union leaders held an agreement that would tend banking supervision away from national governments and park -- would take banking supervision away from national governments. >> if the bank -- does need a bailout, all of europe will help foot the bill. >> the deal came after a prolonged deadlock over the details of the proposal. the german chancellor was full of praise for the outcome. but it's a good sign that the finance ministers agreed on a banking supervisor. it is a big step towards greater confidence and trust in the eurozone. >> countries like france and italy have pat -- have pushed for a speedy resolution. banking supervision paves the way for a direct supervision -- direct injection into ailing banks. >> it is no longer the sole responsibility of the member states. rather, all of europe will step in. >> but president hollande did not get everything on his wish list. germany insisted that smaller banks, which make up a large part of its banking
's take a look at how markets are trading. stoxx europe 600 is down about .6% this morning, this after word that house speaker john boehner's plan b didn't come to a vote last night. he couldn't get them in place apparently. we'll have plenty more on the impact of that on the program. not much here, we see decliners well outpacing advancers. the ftse mib in italy down .6%. the ibex down .4%. the dax selling off .5% lower than yesterday. same goes for the ft. if it is, down .8%. 5909. how quickly we've gone from talking about 6,000 to talking about 5,900. the german bund rallying. same goes for the uk. we're seeing a rotation into safety, out of risk and out of spain and italy. about 4.5% for italy. thin trading in markets is exacerbating the move that we're seeing as we approach the year. today, the austy dollar is weaker against the u.s. dollar by about .4%. proxy there for global growth prospects. the dollar/yen is weaker by about .25%. this as markets digest the news out of the boj and gauge whether they'll be successful in boosting inflation ultimately. the euro/dollar, 1.3221. so
weighing on investor sentiment today. in europe, it was the last trading day of the year, and what a year it has been. our correspondent has kept an eye on the trading floor all year for us. he sent us this report from the floor of the frankfurt stock exchange. >> the year has ended a very successful 2012, also for the frankfurt exchange, which is why you see tables and chairs where there usually are not. there will be a celebration here shortly, and there is something to celebrate -- the dax performed to the tune of about 30%-plus this year, and many shares went up. only a few lag behind. the best shares almost doubled in value. when you look at the second tier, there were some that more than doubled in value. demand mostly responsible for that, according to -- the man most responsible for that according to everyone here is mario draghi. he promised the european central bank would do everything in its power to preserve the euro, and that really release energy and restored some confidence also for the bureau. in 2013, people see more share market. the dax could reach a new record highs. p
. as america stood on the edge of american leadership, europe entered a decade in which it convinced itself war was impossible. the book, grand illusion, captured the view that europeans were too advanced, too sophisticated to fight each other. john maynard keynes a code this with his famous observation about how the world was tied together, how an englishman could order from his doorstep products from faraway lands and have them delivered to him. it's kind of an early version of thomas friedman's theory which claims an advanced country that used computers won't go to war with each other. i call it the starbucks to pick any two countries that have starbucks won't fight. you know, i guess unless they have like a triple espresso to another observer, in a much different way, posited that war would be so bloody and weaponry so deadly that no one would dare risk a conflict. all of these assume that european leaders would be rational, a stretch even in the present day. this, of course, vanished in august 1914, a war sparked by one of the most unlikely of accident when ferdinand on his way back from s
, is that we are at a true juncture. are we going to go the way of western europe or the exceptional capabilities which attract entrepreneurs for over 200 years and this is why the huge growth of government is not about numbers of gdp. it creates dependence rather than independence. it does your sense of ability to solve problems. surgery of the free markets are sensible rules of the load and creativity, get a chance to get ahead and get these ever widening circles of cooperation, breaking down barriers and enabling people to realize their dreams or do we have the same for your bread into custody and wait for the government to rise in the street like you see in europe. worse at dynamism going to come from? yes its trust to verify, but you get the rise of the internet. they get richer and deeper. and enable people to do more. that doesn't come from government. that comes from what the opportunity, with the problem, how do we solve it? this way steve jobs touched such a chord when he died late last year is precisely people sense. this is living by james had hoped 10 but anyone which th
. europe right now is the safe haven. there's no negative news. by any means, they are not done with all that's going on over there. everything is focused here on the u.s. and the fiscal cliff, and until that is resolved, if it gets resolved, the traders are pulling back, volatility's high, and there's going to be very thin volume in the markets. it's not going to take much to get gold and silver back up. >> well, back to cindy quickly. if we have a deal, is it bullish for oil? she's already gone. i'll ask doreen, you're with us, aren't you? >> i am. volume, today, by the way, 37% below the three month average. could lead to some volatility, but we have not seen that, have we? >> we have not, but vix is up at 19, a little bit higher. the hope is to get more volume here, otherwise, you know, the fiscal cliff is killing everything. everything. these guys don't get it in washington. i don't know why. i hope they come to their senses soon. ashley: nobody knows why, but i'm tired of saying "fiscal cliff," i know that. thank you so much for joining us. >> thank you. >> and cindy who ran off. t
and europe are not doing enough. you cannot put all the responsibility on us. we are doing an extraordinary sacrifice. you need to look at the policy you have in place. (woman) it's not what you get told. i mean, we just get told that it's bad for you. (man)it's bit of a good fun. we get it pretty much everywhere in london. woman) some people take it because it makes them feel good. (man) i used to take it. that was my choice. >>as long as there is demand for the use of cocaine whether it be in the usa, europe or other parts of the world, then it will be produced and it will supply the market. for the casual western recreational user of cocaine, i think you should need to confront the fact that the supply chain of your ah, preferred commodity, is a very dirty supply chain, and that has human, financial and social costs. (women) it's like drinking and smoking isn't it? (man)i don't really like alcohol and cigarettes. (women) it's sociable. and as much as you can take. (man) i'm only harming myself. aren't i? >>it used to be fun around here, back in the sixties. now er, at night time you do
regimes in eastern europe. under the iron grip, hundreds of thousands died, and many more dissidents were sent to prison camps. these days, as albania tries to show a new democratic base to the world, even hoping one day to become a member of the european union, the past is still there to haunt it. former political prisoners are fighting a bitter battle for compensation, but not even hunger strikes seem likely to convince the current government. >> we go to the site of the hunger strike. the word "democracy" is still written on the wall. strikers refused food for weeks, and then police came and took away their water and medicine. this is where one strikers set himself on fire. the man did not survive. he was recently buried. >> the hunger strike was the result of 21 years of humiliation and discrimination of former political prisoners in this country. we are walking corpses. our bodies are alive, but our spirits have died. >> all their energy goes into the fight. many are mental rex, dependent on drugs or alcohol -- many are mental wrecks. the solidarity within the group is all they have
20 years. so look, and a lot of this is down to problems, i guess, in europe, right? what is the outlook with what happens with global growth and what is happening? >> unsurprisingly, the volume of growth of trade are strongly correlated to the volume of growth. so growth slows down. trade slows down with a sort of multiple. that's the main reason. there may be other marginal reasons like, for instance, difficulties in trade finance. which is a sort of the aftermath of the financial crisis. but the reality is that the main export market of the senate, which is europe, is not doing well. the second export market is not doing that well. not to talk about japan. so this has a slowdown effect which reverb rates on the growth of emerging countries. >> and i know when you see what's happening in italy, will this, the political developments in italy that cause more instability and less reform there, are you concerned that will have a further destabilization impact? >> no. i mean, i think it comes at a time where we are starting to see an exit, a crisis exist by europe. whether th
ago here as opposed to the countries of western europe, we were the most egalitarian of countries. now we are the least. we have outstripped everybody else because our capitalism has been a relatively robust. when capitalism can do it's thing, it polarizes. when it polarizes it creates an awareness that is probably also occur to you. if a growing number of people i'm having a hard time and a shrinking number of people are collecting enormous wealth, it will occur to the two of them that this is happening. and in the one group there may develop their resentment against the of a group. and if you have a system like capitalism coexisting cannot that you have to, but if you have a system of capitalism coexisting with the democratic society in which everybody has the throne and the following in sight is going to occur to a lot of people. we, the majority, are really getting screwed in the economy. the way to fix it to reverse it, to offset is to use the political system to get the result. in the political system weekend rearranged so that what we lost in the economics as it became more and
, but a change. you were bullish in the u.s. saying i'm going to europe and other areas. why? >> well, maybe it's controversial when you look at the headlines in europe and asia and elsewhere in the world, but our thesis is predicated primarily on what we call price matters, which is essentially evaluations so when you look at the u.s. markets, and in our opinion, u.s. markets are still relatively attractively valued because they are, on our models, 20% below long term return trend sot force of reversion works in your favor, but if you look at efa, it's further below the long term trend, 35%-40% below the long term trend, and history coral lates to strong adjusted returns over the next decade. you know, that's the long term view op places like europe and asia. the shorter term view is that our tool set for tactical moves is don't fight the fed or the trend, be aware of the crowded extremes, and like in the u.s. where the fed is on a risk market side, that's true in the ecb, a huge change. the change in the ecb leadership and the embracing of american style qe is a big reason why we went from st
and focus on just one section about demands on the burke that in europe. quince not very long ago americans and europeans pride themselves on religious toleration and understanding. and animosity and violence including such bloody episodes as the wars of religion, including as well be quieter violence of colonial religious domination by europeans in many parts of the world and added to that, domestic anti-semitism and anti catholicism and culminating in the horrors of nazism which implicated not only germany but many other nations as well. europe and the u.s. until recently liked to think these dark times were in the past and religious violence was somewhere else, in societies more allegedly primitive, less characterized by heritage of christian values. today we have many reasons to doubt that. our situation calls urgently for critical self examination as we try to uncover the roots of ugly fears and suspicions that currently disfigure all western democracies. in april of 2011 a lot affect in france according to which it is illegal to cover the face in any public space from march to marketp
on the fiscal cliff. equities falling on wednesday in the u.s. on thursday when we opened here in europe, yesterday we saw a relatively stable markets. we closed out on a flat to slightly higher note for most of our european markets yesterday. this morning coming into trade, we're pretty flat. we've taken a bit of a dropdown on this drop but we're just a couple of points lower. in the asian session overnight, we managed to see gains back again. they lost again on the notion of the fiscal cliff not happening. shanghai composite higher by just over 1% in today's session. hang seng, and the kospi closing slightly higher across the board. the european markets mixed, but the ftse 100 still flat to higher. we're all looking towards these fiscal cliff negotiations. at the moment, we've got a couple more days of trade before we get to the end of the new year, as well. most analysts out there, they've been saying we're going to see a relatively flattish end to the year from where we are now given that we've seen such an increase of equities in the past 12 months. we've seen stellar outperformance
anyone else. central europe last year, budapest, the czech republic had gone from a leading country in central europe, leading the region in laws and in the constitution of equality 16 years ago to a complete reversal today. it's got one of the worst records today of the deprivation of rights of women, roma people, jews, and lgbt people. sound familiar, that grouping? i was not prepared for what i was going to find in budapest. i was not prepared for the thousands ofneo nazis and state sanctioned militia that would meet a couple hundred marchers, thousands of them. * there was one young man, 21 years old, young hungarian, who would be the only person to go on tv with me, only hungarian, malan would take a blow horn and walk through the streets against families that hated us, and he walked and he shouted and he kept the morale up as we were walking against this sea of people who didn't like us because we were representing the inclusion and diversity that we so much cherish here. he was inspired by the story of my uncle and he said to me, do you think this is how harvey felt? and i sa
eastern europe? anything? >> one of the things that happened since 1989 is the region we used to call eastern europe has become very differentiated. these countries no longer have anything in common with one another, except a common memory of communist occupation. poland is as different as greece is from some land. europe is now divided in many ways to -. there are a few elements of the communist past you can see. there is a paranoid element in politics that comes from the legacy of people being spied on and having lived in an oppressive system. they are more paranoid about secret deals behind their backs, because secret deals were done behind their backs, and that is understandable. there is an anxiety about being left behind in the west. the memory of the past continues to play out, but in truth, these countries are more different from one another than they are similar. >> you through -- you chose three of eight countries behind the iron curtain? >> it depends on how you count. >> what were the three democrats i chose to poland, hungary, and east germany. they have different histori
't have too much vacation or little. we do it just right. europe had work like we did. you want lopping beer vacation you can have a stagnant economy like europe. we raise taxes we'll have longer vacation but fewer jobbings. >> you are right. we don't want to be like the french. and people here in the united states and government union. and i was on vacation and check my blackberry and read a rick unger e-mail while on vacation. >> you are never on vacation. >> you work it anyway. nine out of the 10 are checking their work phones. any time to rejuvenate and come back ragged. >> we need that vacation time to work better. >> when you say economy you are talking about gdp. good or ill it is major transaction. have everyone never talk a day off and work 60 hours a week. steve is protesting that. >> there is it a correlation between vacation time and increased productivity. a 2010 study show that americans felt refreshed and better about their jobs coming back it is important to take breaks throughout the work die. >> i center to tell you, i don't think i had a year where i used up all of my
the way to europe. the destination norway. it's not for eating. it's being made into sake in the same traditional way it's been brewed in japan for centuries. >> reporter: in the norweigan capital, sake is getting popular. many people like to drink with their meals. >> translator: this is made in norway using japanese rice. it's really good. >> reporter: the flavor is tr fruity with a slight acidity. >> translator: i'm very proud of the sake made in norway. >> translator: i usually drink red wine but i love sake too. >> reporter: as europe acquires a growi ining taste for japanes food, demand for sake is increasing. europe's first and only sake brewery is here in the south of norway. it was set up two years ago by a local beer company. the brewer is from canada. he first discovered sake nine years ago and was amazed a complex flavor could be made from rice and water. three years ago he met the owner of this brewery at a sake workshop and was invited to norway to help start a production. >> it's very rewarding. >> reporter: it's brewed in the yamahi style. it produces a more complex, y
of eastern europe now has flat tax is. in all these countries, revenues have boomed. there hasn't been a big craze this is anime and estonia. this in a past and estonia with 12% flat tax. the fact is supply-side economics is booming around the world. it's only in the united states that soul-searching and from this economics of enterprise. >> what is your analysis of what is happening in what donald rumsfeld recalled old europe? >> old europe is fallen with the indulgent dilutions of the welfare state. they've all accepted dependence on a show i've government and bass have destroyed the value of their assets. when you destroy the value of your assets, ultimately the human beings who make your economy go our investments and creations of work after. when you'd appreciate this asset, reliability is become impossible. if you unleashed the assets of your economy, allows the stock market to boom and thread began, then all of a sudden these liabilities they seem impossible today become manageable in the future. >> george gilder, when you see the fight in congress over the debt ceiling or tax breaks
happy about what is happening in europe. german stocks are soaring. is it too late to get in? > > we saw the dax push up to a 52-week high last week. really the key here is safety. they are using that stock market as their safety gauge if they are trading over in europe. so, if the safety play continues to warrant being ultra- conservative, yeah, you are going to see that market continue to move upward. if traders want to take on a little bit more risk and spread to some of the other european sovereign-debt nations like spain or greece, then you are probably going to see that safety play back off a little bit. > there are always places to park money. good to have you on the show this morning. have a great trading day. > > you too. if you're not yet fully awake this monday, here's one thing to open your eyes: after years of higher and higher coffee prices to consumers, brazil, which produces a third of the world's coffee, may turn prices around. a record crop there last year is being followed by another bumper crop. our cover story takes a look at what it means for coffee futures and reta
consultants are helping greek companies. donations, why saudi arabia is building mosques in europe. and child abuse, why british victims are speaking out now. it is official -- cyprus is the latest patient that needs an injection of aid amounting to billions from its european partners. in these times of crisis, it has become obvious that the small country relied on its fine it -- financial sector to much, and toxic loans and bad speculation eventually tipped to the banks over the edge, so now cypress wants to be bailed out by europe. in return, international lenders want cyprus to introduce reforms and strict austerity measures. these would involve job losses and pay cuts, which is bad news for many cypriots who are already struggling to pay their bills. >> a decade ago, this dancer and musician was a star in cyprus, performing in clubs or appearing on television every night. women were at his feet. they called him the palomino of nicosia -- the ballerino of nicosia. now he and his wife sit at home with their son. the family have debts they cannot repay. they have three loans adding up to mor
-english-speaking immigrants-- some from europe, some from asia, buworking-class ople. and the landscape we see belows sis landscape of small houses, and the houses are very sie. and the landscape narrator most of the immigrant communities are cad which s siof nghoo thatrelmost concealed beneath the urban forest narrator: it is here in this greener, more affluent part of the city where the new asian elites have chosen to live. ma os ies are children of hong ko businessmen. their parents continue tol ma os ies in the asian omanufacturing industry. theyften commute between vancouver and hong kong. they believe the best way to preserve their wealth is to invest in real estate, and the best way for their investments appreciate is to replace older anglo-canadian housesike these with newer, larger asian-style houses like these. as developers rush to accommodate these new arrivals, ey a teariown exisng homes. ma west side residents have become concerned byhehang they see igorer w lng around them. liss i knew ts house well, because i used to play across the street from it, anit had beautiful timbe inside and oa
and spain. >> how different is it outside of europe in the wider arab world, the middle east? >> they are more accepted outside of europe because europe is a shocking and islamic bloc because there's a need to find a european identity, especially now in the crisis. >> where do you see this going? do you see the creation of a broader european islamic bloc? >> islam house oe been adapted to its cultural surroundings and we can see european islam coming up in a lot of centers in europe. >> his specialist in the dialogue between the islamic world and the west, thank you. onto soccer now. dortmund with another victory under their belts helping the reigning champions close in on the league leaders. their season has been punctuated by ups and downs, but on sunday and, they notched up another important victory in their title defense. >> warring on from the touch line, the caretaker urging his to stay compact. breached by mario. still, he did not play. fearing relegation. moments later, sven scoring a deserved equalizer. in the second half, again with the breakthrough gift. and the ea
>> just a few days until christmas, and europe, as elsewhere in the world, it is a time for peaceful contemplation with family or close friends. a very warm welcome to this special edition of "european journal" from belgium. christmas is a few days for rest where we find time for leisure, which has almost become a luxury good, but we will try to find it in today's show. that's why we have come to the flemish part of belgium. it is all-bishops town famous for tower bells, and when the time, it is a good opportunity to pause for a moment. >> the music of bells. the master coaxes melodia sounds from the musical instrument. high above the roofs of the town. >> for me, bell music is the connection between everyday life and spiritual life. it does not have to be religious, but there is definitely something spiritual about playing here. >> even as a child, he loved the sound of bells. the musician says it makes him dream, and for more than 30 years, he has been living that dream. >> it is a very social and communicated instrument. all the people in the town can hear it, and the
, the financial crisis in europe is providing an opportunity for china. earlier this year, we heard from new york times reporter liz alderman on a chinese shipping company that is making waves in greece. > > how successful has this shipping company, known as cosco, been so far in greece? > > it's an interesting story. this chinese basically state- run shipping company came in here about three years ago in a $500 million deal that ever since then has been a model for the country, because what they did is they bought half of piraeus port, which is an ancient port in greece and one of the most important ports in the southern mediterranean. what they did was they basically took an operation that had been effectively lagging under greek ownership and completely turned it around. > > have the the greek people been welcoming of this? the chinese work way is much different from the european way, let's say. > > the chinese have an extremely efficient working practice. as one spokesman there put it to me, they basically run their business by showing that they work 24/7, that has actually rung alarm bells,
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